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To: Johnny Canuck who wrote (40241)	9/17/2003 11:47:44 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69982

Stolt Offshore sees 'substantially higher' loss in 2003 (SOSA) by Michael Baron NEW YORK (CBS.MW) -- Stolt Offshore (SOSA) shares dropped more than 18 percent to $2.24 after the provider of oil and gas contracting services said it expects losses for the fiscal year ending Nov. 30 to come in "substantially higher" than prior projections. The company had forecast a loss of between $100 million and $125 million for the year. Stolt attributed the wider loss to earnings deterioration on its Burullus, Bonga, and OGGS projects, and actions taken to implement its Blueprint financial recovery plan. In order to continue to evaluate the impact of the Blueprint plan, Stolt delayed the release of its third-quarter results until Oct. 15, and its fourth-quarter results until Feb. 18. The company said it has obtained waivers on its primary credit facilities through Oct. 15, and that it believes it has sufficient resources to fund operations through completion of further bank negotiations.